v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (16,591,293) $ (12,409,866)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 237,318 134,084
Stock based compensation 788,659 689,130
Change in fair value of contingent consideration 495,936 224,289
Unrealized loss on investments 131
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (14,094) 67,767
Prepaid expenses and other current assets 1,000,961 (1,624,185)
Deposits (281,422)
Deferred financing costs 30,000 (30,000)
Accounts payable (55,820) (175,901)
Deferred revenue (5,793,849) 7,026,388
Deferred tax liability (985,487) (809,540)
Accrued expenses and other liabilities (595,896) 806,158
Other long-term liabilities 53,165 (300,875)
Net Cash Used in Operating Activities (21,711,691) (6,402,551)
Cash Flows from Investing Activities    
Purchase of Pelican, net (468,801)
Purchase of short-term investments (5,570,158)
Purchase of property and equipment (593,573) (61,383)
Net Cash Used in Investing Activities (6,163,731) (530,184)
Cash Flows from Financing Activities    
Proceeds from public offerings, net of underwriting discounts 34,499,997 6,629,979
Proceeds from the issuance of common stock, net of commissions 3,910,093 2,463,180
Proceeds from the exercise of warrants 4,838,593
Stock issuance costs (3,130,133) (324,654)
Net Cash Provided by Financing Activities 40,118,550 8,768,505
Effect of exchange rate changes on cash and cash equivalents 145,764 (14,249)
Net Increase in Cash and Cash Equivalents and Restricted Cash 12,388,892 1,821,521
Cash and Cash Equivalents and Restricted Cash - Beginning of Period 9,765,359 7,943,838
Cash and Cash Equivalents and Restricted Cash - End of Period 22,154,251 9,765,359
Supplemental Disclosure for Cash Flow Information    
Contingent consideration 2,385,000
Issuance of common stock for purchase of Pelican 1,052,000
Acquisition of non-controlling interest of Heat I/Pelican $ 2,400,677

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